Bitcoin (BTC) smashed into resistance at $23,000 on June 16 after the US announced the biggest rate hike in the last 30 years.
Dollar strength wobbles after rate hike news
Cointelegraph Markets Pro and NewsOfFinance The BTC/USD pair rallied as high as $22,957 on Bitstamp after the Fed confirmed the 0.75 rate hike, the highest rate hike since 1994.
However, the pair could not maintain this momentum for a long time and returned to the $21,000 band with the opening bell of Wall Street.
$BTC Did indeed fail to hold the mid range and fell back to the range low which it has held so far.
This range low is my line in the sand if BTC doesn’t want to revisit the lows and possibly test sub $20K levels.
Holding here and we can target the mid range (and higher) again. pic.twitter.com/mEqOoGA9gK
— Daan Crypto Trades (@DaanCrypto) June 16, 2022
Popular investor Crypto Tony started watching the dollar closely after the Fed’s announcement. The US Dollar Index (DXY), which is at its highest level in the last two decades, started to decline on June 16.
“The dollar is approaching a major resistance zone, at which point it may be rejected and we may go bearish. Bitcoin may bottom soon as well.” who says The investor continued:
“However, I am waiting for another bullish phase before the fall, which may coincide with another fall in BTC, so be careful.”
Expert investor Peter Brandt said that the retest of $20,000 will allow for a “relaxation rally,” though not a full recovery. thinks.